I have a $100K Net Loss in 2016 due to selling a rental home in 2016. How do I get Turbo tax to do the NOL carryback to a prior year?
I should be able to carry back the NOL to 2014...how do I make Turbo Tax do this? I had approximately $100K NOL after all income, losses, deductions, etc. but TurboBax isn't doing the carryback.
01445
1 Best answer
PatriciaV
Expert Alumni
Jun 5, 2019 11:30:06 PM
To apply the NOL Carryback to prior years, you will need to file amended returns for each of the last two years. Any remaining NOL will be carried forward for up to 20 years (or you can elect to carry the entire NOL forward).
To apply the NOL Carryback to prior years, you will need to file amended returns for each of the last two years. Any remaining NOL will be carried forward for up to 20 years (or you can elect to carry the entire NOL forward).